OBAMA ADVISER SAYS PRESIDENT WILL NOT EXTEND BUSH TAX CUTS, EVEN TEMPORARILY: ’100% COMMITTED’

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106. below $100,000 is most of the population

If tax cuts are extended for all incomes below $250,000, then those who make MORE than $250,000 still get tax cuts on their first $250,000 in income.

If, on the other hand, tax cuts are only extended for incomes above $80,000, then those who make more than $250,000 will have to pay higher taxes on their income between $80,000 and $250,000.

As for that poor, poor small businessperson making $160,000 a year who has to pay higher taxes on $80,000 in income. Well, in 2010 I made about $11,000. In 1997, I owned a small business with gross sales of about $18,000. So a business with net income of $160,000 does not look very small to me, and it is really very, very hard for me to feel sorry for a person making $160,000 a year who has to pay a whole 1.5% more of their income in taxes.

Especially since they will get it all back and more from the accursed payroll tax cut which is likely to be a permanent gift to the rich.

In 2009, almost 80% of households made less than $100,000. Over 90% made less than $150,000.